I currently have a Server 2008 box (32 bit install running w/o hyper-v installed, but on 64bit hardware). I'd like to get this machine running Server 08 with hyper-v and grab a snapshot of the current 08 install to run as as VM.

I have migrated my physical Windows 2003 server into a Hyper-V guest using the backup-restore avenue with Acronis Universal Restore. It may be possible to do the same with Windows 2008 provided they have a build of Universal Restore that can rewrite the HAL for Windows 2008 during the restoration process so it can interface with the virtual hardware. You'd have to inquire with Acronis if they already support Windows 2008.